WHITE HOUSE BUDGET FINALLY RELEASED.
THE BUDGET IS COMING. This Friday, we are expecting the White House to release the full Fiscal Year (FY) 2022 budget. On April 9, 2021, the Biden Administration released a pared down proposal of their $1.5 trillion FY 2022 budget. In the full budget we are expecting specific information on policy, tax, and spending proposals. House and Senate Appropriation Committees have begun the budget processes and have held hearings over the last few weeks. After the White House releases it budget the Committees will begin markups, with the House aiming to pass all 12 annual spending bills prior to the August recess.
WHAT CAN GET DONE THIS YEAR? This year began in a sprint with the quick passage of the American Rescue Plan. Democrats also quickly followed-up with policies and interest in pursuing an infrastructure package. However, the momentum we saw in the beginning of the year has slowed to a typical policymaking pace. It has also become clear that we continue to live in a highly partisan environment, with limited opportunities for bipartisan policies to make it across the finish line. Although we were expecting infrastructure to potentially get done prior to the August recess, we might be seeing this on a more typical Washington, D.C. timeline looking towards the end of the year. There are a number of policies that have to get done prior to the August recess that could accelerate the process, such as the addressing the debt limit. We continue to watch how the infrastructure package(s) come together over the next few weeks and months to get a better sense of the timeline for accomplishment, but be prepared for a drawn out process.
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